Canacol Energy's Cash flow from operations consists of the average of the last two quarters. Recall that Canacol took a one-time charge in regards to an outstanding litigation settlement.
The fully diluted share count for GeoPark likely underestimates that number.
The payout ratio is simply dividend payouts divided by CFFO.
As already discussed elsewhere in this forum, the inexpensive equity values likely reflect a perception of heightened political risk.